Serenia Living and St. Regis: the spread in recent registered prices

Eight sales were registered at Serenia Living last week, at roughly AED 3,900 to AED 5,700 per square foot.[1] With a range that wide, even recent sales in the same development need a closer look before being used to judge an asking price.

Palm Jumeirah: Serenia Living, Golden Mile and Fairmont

The five two-bedroom sales at Serenia Living ranged from AED 3,900 to AED 5,200 per square foot.[1] The bedroom count was the same, but the apartments could still differ considerably. The export does not tell us their floor, view, orientation or layout.

Before using one of those sales as a reference for an apartment on the market, we would compare the two properties. A better view or a different layout may justify a different price, but the registered amount alone does not explain the gap. Nor does the weekly range establish that prices rose or fell.

Three registered sales at Golden Mile were at around 40% of Serenia Living’s median price per square foot. The single sale at Fairmont Palm Residence last week, however, was close to Serenia Living’s lower end.[1] A Palm Jumeirah average can include all of these homes, despite their differences in product and price. For an individual purchase, we would work from sales in the relevant building and apartment type.

Downtown: St. Regis and Burj Royale

Between 1 August and 18 October, ten two-bedroom sales were registered at The St. Regis Residences, Downtown Dubai, all classified as off-plan. Their median price per square foot was about 6% below the median of eight two-bedroom sales at Burj Royale, a completed tower nearby.[1]

Individual St. Regis registrations ranged from 22% below to 38% above the Burj Royale median.[1] That range deserves attention alongside the 6% difference between the two medians.

The branded St. Regis residences and Burj Royale are different products, and these small samples have not been matched for size, floor or view. I would therefore need more than the 6% figure to call St. Regis the better-priced purchase. The relevant comparison is between the apartment being offered and completed homes that the same buyer could reasonably consider instead.

Palm Jebel Ali: what will the buyer actually pay?

Some Palm Jebel Ali resale listings advertise a price below the original purchase price. They often also state the share of the price that the owner has already paid to the developer.

For an offer like this, we first ask for the original sale and purchase agreement, a current developer statement of account and the transfer conditions. These establish how much goes to the seller, how much remains due to the developer, and when the remaining instalments fall due. Purchase fees come on top.

The advertised total price may already include the outstanding developer balance, so that balance must not be added twice. The final calculation should show the buyer how much is payable at transfer and what further payments they are taking on. That also gives us a basis for assessing the advertised discount.

DIFC: residential details still to come at Water Gardens

H&H announced Water Gardens in DIFC on 16 October. Designed by Sir David Chipperfield, the four-building development combines residences, offices, hospitality and retail. The announcement specifies 21,965 square metres of Grade A net leasable office space and completion scheduled for 2028.[2]

It does not give the number of homes or the split between those intended for sale and those retained for rental.[2] For an investor buying in DIFC, that distinction matters. Homes offered for sale could give their future buyers more choice; homes retained for rental could compete for their tenants. Those details will help us assess the project’s effect on the residential market.